NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns final ratings to six classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-6, a jumbo prime RMBS transaction. Concurrently we have withdrawn our preliminary ratings on the certificates, which were assigned on November 13, 2012.
The mortgage pool backing SEMT 2012-6 is comprised of 358 first-lien mortgage loans with an aggregate principal balance of $301,462,461 as of the cut-off date. The loans in the pool are primarily 30-year fixed-rate mortgages, with the exception of 2.02% which are 20-year mortgages. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the average LTV (66.6%) and CLTV (67.7%). No loan has an LTV or CTLV greater than 80%. The percentage of the pool at 80% CLTV is 19%. The weighted average credit score of the mortgage pool is 771, slightly higher than average for 2012 SEMT transactions and well within the prime mortgage range.
KBRA’s analysis of the transaction included a loan-level analysis of the mortgage pools using our Residential Mortgage Default and Loss Model, together with a review of the transaction parties, results of loan file reviews performed by independent third party firms and review of the legal structure and key documentation. This analysis is further described in our U.S. RMBS Rating Methodology.
For complete details on the analysis, please see our Pre-Sale Report, Sequoia Mortgage Trust 2012-6, which was published on November 13th 2012 at www.krollbondratings.com.
U.S. RMBS Rating Methodology, published January 9, 2012
Residential Mortgage Default and Loss Model, published January 9, 2012